Singapore has earmarked a warchest of up to seven million (US$4.5 million) dollars in a quest to win its first Olympic medal since 1960.

Getting on the Olympic podium has proved a difficult task for the city-state despite its successes at Asian Games, Commonwealth Games and Southeast Asian Games.

Singapore National Olympic Council president Teo Chee Hean said they were determined to break the drought at Beijing in 2008, and carry those successes on to London in 2012.

"We thought it worthwhile to start a program for 2008 and 2012 to see what extra things we can give our athletes," he was quoted as saying in the Straits Times.

"We are not sure we will succeed, but in the process we will learn how best we can support our top-end athletes to go that extra mile and scale the Olympic heights."

The cash is likely to be used to help no more than a dozen athletes, with badminton, table tennis, sailing and shooting set to benefit.

The money will go towards hiring world-class coaches and sending athletes on more overseas training schemes.

Weightlifter Tan Howe Liang's silver in the 1960 Olympics remains Singapore's last medal, although they have come close since.

In Sydney in 2000, table tennis player Jing Junhong narrowly missed out after being beaten in the semi-finals. The same fate befell paddler Li Jiawei in Athens.